In the world of supplier diversity, the concept of purchasing products from veteran owned businesses is fairly new. While the land of opportunity for veteran entrepreneurship has always been present, in today’s market it is expanding at a fast rate. Despite its new nature, Ford Motor Company has already taken the leadership reigns of the initiative and surpassed $1 billion in spend with veteran owned companies.
“By coming from almost nothing four years ago to announcing a stunning $1.1 Billion spend with Veteran Owned Businesses in 2016, Ford has set the benchmark that proves Corporations are issuing supplier contracts to Certified Service Disabled and Veteran Owned Businesses (SD/VOBs)” said Keith King, President of the National Veteran Business Development Council (NVBDC).
Ford Motor Company’s total spend with diverse vendors for 2016 was well over $3 billion. This includes purchases with Minority, Women and Veteran Owned Businesses. The quick rise in spend with veteran owned businesses is nothing short of amazing and is a credit to the dedication the organization has with its veteran suppliers. It is true that the automotive industry in general is committed to veteran purchases, but for now, Ford is easily the nationwide leader.
Congratulations to Ford and its supplier diversity team.